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Estate planning is the ordering of your assets and financial affairs to best advantage so as to reduce inheritance tax lawfully, ensure financial security and protect family members and other beneficiaries.

Inheritance tax ("IHT") is currently 40% of your net estate, after exemptions and reliefs.  It is important to understand what the impact, if any, of IHT will be on your estate and how it will affect your beneficiaries.  There are lawful ways of reducing or postponing the IHT liability of your estate and we can advise if any of these might available to you.  

Areas which we cover in advising on IHT include:

  • Which assets fall into your estate and which do not for IHT purposes

  • Exemptions, e.g. spousal exemption, charities exemption, the nil-rate band and the residence nil rate band

  • Reliefs, e.g. Business Property Relief and Agricultural Property Relief

  • The effect of lifetime gifts and donations

  • Transferable nil-rate band and transferable residence nil-rate band

  • Reduction in the rate of IHT with a minimum donation to charity

We will normally work on estimated values of assets to assess the likely IHT liability.  Professional valuations, particularly of substantial assets such as houses, will enable a more accurate assessment.

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